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China North East Petroleum Announces Signing of New Well Drilling Contract

Posted on: Thursday, 7 May 2009, 07:30 CDT

HARBIN, China and NEW YORK, May 7 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings, Limited (OTC Bulletin Board: CNEH; 'CNEH'), a leading oil producing company in Northern China, today announced the signing of a new well drilling contract with a local primary drilling company.

On May 5, the company entered into a well drilling contract with Songyuan Huaying Drilling and Service Company for an additional 48 wells, to be drilled over the next 10 months. The drilling work is scheduled to start within a week. The new wells will bring the company's number of the total producing wells up to 303 after the project is completed.

"Signing this additional well drilling contract further demonstrates the management's confidence in the operational capabilities of the company. By continuing to expand our oil production capacity, together with ongoing efforts to increase production efficiency and minimize the operating expenses, we believe we can achieve sustainable growth and profitability during this challenging economic climate," said Mr. Hongjun Wang, President of China North East Petroleum.

Mr. Yanhai Gong, President of Songyuan Huaying Drilling and Service Company commented, "We are pleased with the signing of this contract, and looking forward to building a solid partnership with China North East Petroleum. We shall fulfill our commitment by delivering fast and high quality work and help the company grow faster and stronger with our support. We wish China North East Petroleum a great deal of success."

ABOUT CHINA NORTH EAST PETROLEUM

China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.

SOURCE China North East Petroleum Holdings Ltd.

Source: PR Newswire

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